Arts and crafts retailer Michaels Stores aims to raise $500m (£320m) in an initial public offering.

Using cash raised, the retailer sees the potential for 1,500 stores in North America, including new formats for smaller and urban markets. Michaels also said that it will specifically target Hispanic customers with classes in Spanish and celebrating key Hispanic events. The retailer is also striving to become more appealing to younger customers aged eight to 18.